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Strategies & Market Trends : Jim's Nasdaq100 Special as a basket. -- Ignore unavailable to you. Want to Upgrade?

To: James F. Hopkins who wrote (503)4/25/1999 2:07:00 AM
From: Smooth Drive  Read Replies (1) | Respond to of 2103
 
Hello Jim,

Good comments Jim. Here's how the QQQ P&F chart ended the week:

                                                 *
112                                              X *
110                                              4 O X
108                                              X O X * < BRRL
106                              X           X   X O X
104                          X   X O         X O X O X
102                          X O X O X   X   X O X O X
100                      X   X O X 2 X O X O X O X O X
99                       X O X O X O X O X O X O X O X 
98                       X O X O X O X O X O X O X O < 2nd BLRL
97                       X O X O   O   O X O X O +
96                       X O X *       O X O X *
95                       X O X   *     O X 3 X   * 
94                       X O X     *   O   O       * < BRSL
93                       1 O X       *   +
92                       X O           *
91                       X           +   *
90                       X         +       *
89                       X       +           *
88                       X     +               *
87                       X   +                   * < BRSL
86                       X +
85                       X                       + < 1st BLRL
84                   X   X                     +
83                   X O X                   +
82               X   X O X                 +
81           X   X O X O                 +
80           X O X O X                 +
79           X O X O                 +
78           X O X                 +
77           X C                 +
76           X                 +                     +
75           X               +                     +        
74           X             +                     + < BLSL
73           X           +                     +
72           X         +                     +
71           B       +                     +
70           X     +                     +
69 O         X   +                     +
68 O         X +                     +
67 A         X                     +
66 O       + X                   +
65 O     +   X                 +
64 O   +     X               +
63 O +       X             +
62 O X   X   X           +
61 O X O X O X         +
60 O X O X O X       +
59 O   O X O       +
58     O X       +
57     O X     +
56     O X   +
55     O X +
54     O +
53     +

BulLish Support Line (BLSL); BulLish Resistance Line (BLRL); BeaRish Support Line (BRSP); BeaRish Resistance Line (BRRL) and High Pole Formation (HPF).

Friday's action was 108.63, 111.44, 107.50 and 110.63. You can see that the high of 111.44 allowed us to rise one more box and fill in the 110. You can also see the old horizontal resistance at 112 and the 3rd BLRL is also setting at 112. To top it off there is an Unoffical BRRL right at 110. Very strong resistance here and will be some breakout if we hit the 114.

If you step back some a look at the bigger pattern it was P&F trading range from January through March 30 when it hit 108 and for a double top buy and spread triple top buy signal. Heck it's even a catapult pattern (triple top buy at 102 followed by the double top buy at 108). And -- look at the nice ascending triple tops with the X column top at 102, the next at 106 and then 112. Higher tops and higher bottoms. Lot's of strength in this recent pattern. Bullish vertical price objective is 130.

QQQ BULLISH PERCENT CHART

The grand ole P&F Italian master Chartseer has been keeping daily QQQ Bullish chart data since 3/12/99. The daily chart looks like this: 

72
70 X
68 X O
66 X O
64   O
62   O X
60   O X O
58   O X O X
56   O X O X
54   O X O X
52   O X O X
50   O X O X
48   O X O X
46   O X O X
44   O X O X
42   O X O X
40   O   O

Strong action here with 4 more boxes up. This Bullish % chart is in Bear Correction risk status but would change to Bull Confirmed if it hits 64. (58% of the 100 stocks that make up the QQQ are on a P&F buy signal. And that means the other 42 are on sell signals.) According to chartseer it's actually at 59%. We are moving up here and we would be considered overbought at 70% or higher. But a Bullish % chart can remain overbought for a considerable time too.

BULLISH PERCENT RISK STATUS DEFINITIONS:

BULL CONFIRMED: Occurs when a column of X's moves above the previous column of X's.

BULL CORRECTION: Occurs when a column of X's in Bull Confirmed risk status reverses down to a column of O's and 1) does not move below the previous column of O's, or 2) reverses down from above the 70% level but does not move to the 68% level or lower.

BULL ALERT: Occurs when a column of O's in Bear Confirmed risk status drops to the 30% level or lower, and then reverses up to a column of X's and does not move above the previous column of X's.

BEAR CONFIRMED: Occurs when a column of O's moves below the previous column of O's.

BEAR CORRECTION: Occurs when a column of O's in a Bear Confirmed risk status reverses up to a column of X's, and does not move above the previous column of X's.

BEAR ALERT: Occurs when a column of X's in Bull Confirmed risk status moves to the 70% level or higher, and then reverses down to a column of O's that drop to the 68% level or lower, and does not move below the previous column of O's.

NOTE: The above is just for grins and chart discussions. No recommendations of any kind are being made.<g>

Take care,

Eric





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